A generator manufacturer has been successful in a bid for a share of £14m of Government funding to invest in creating new jobs.
Cummins Generator Technologies, based in Barnack Road, Stamford, is one of five firms in the East Midlands included the latest round of grants from the Regional Development Fund.
Cummins was one of a number of firms bidding for a share of the £14m set aside for the region. This is the third round of Regional Growth Fund grants, which are intended to help businesses outside London create jobs.
Deputy Prime Minister Nick Clegg said: “This cash injection for Cummins Generator Technologies is part of a major Government drive to create and protect thousands of jobs that will last in the parts of the country where they’re needed most.
“For too long the UK economy has been focused on the city of London, ignoring places where business can thrive. The Regional Growth Fund taps into that potential, so that towns like Stamford can benefit.
“The Regional Growth Fund is working, on track and supporting businesses to create jobs and grow the economy.”
Cummins will use the money to carry out research and development on hybrid power technologies and alternative energy. No-one from the company was available to comment.
Nationally, the third round of Regional Growth Fund grants is expected to create and safeguard 240,000 jobs.
Business Minister Michael Fallon added: “Round three created a lot of high-quality demand for the fund which made the decision process very tough.
“However the selected bidders represent a good breadth of different sectors and a strong distribution across the country.
“The selection process has been very fast - from companies applying to allocating funds in only five months.
“We want to ensure good value for the taxpayer and to get these projects started as soon as possible.”